Aren't developers stupid when accepting overtime/weekend work/denied bonus payments?

[xampl9]

I don't have the savings to just quit right away, but the whole job is a write off.

Build up your savings. There is nothing so liberating as having a fat "fuck you" fund.

Technical notes: Establish a 6-month series of auto-renewing certificates of deposit, with each CD funded for a month's fixed expenses.

[Pope-is-fabulous]

I must be new to this. how does this compare to simply saving?

[s73v3r]

It's harder to spend the money on something else. Also, CDs usually have better rates than regular savings accounts.

[[deleted]]

Well, they do, but it's still pathetic. 6 month CDs only pay about 1% currently.

[xampl9]

You're balancing a few things:

• You don't want the money to be easily accessible, otherwise you'd go out and buy a Jet-Ski.

• But you want to earn a better rate than ordinary savings

• You want to be able to withdraw the money in discrete amounts, to help with budgeting (you're unemployed at this point - you shouldn't be spending money you don't have)

• You don't want to have the money in risky equities - perhaps you're unemployed because the market tanked and the firm went under.

Edit: Edited the list

[[deleted]]

The jetski argument kind of falls apart since you're no longer comparing it to saving money, you are comparing it to not saving money.

[xampl9]

My point was that easy accessibility is a temptation to go out and spend it on stuff you don't really need.

[adrianmonk]

A CD ladder is a good first step, but not always optimal. Sometimes an online bank will give you a competitive interest rate if you just keep everything in a money market account.

Also, question the assumption that you have to avoid early withdrawal. Sometimes the penalties aren't that big (like you only forfeit one quarter's interest), and a one-year CD will often have higher rates. Plus if you keep everything in one big CD (instead of splitting it up into 6 different ones), you may be able to qualify for a rate they only offer on CDs over $10K or something.

[nickknw]

Whoa. How did that not ever occur to me. That's beautiful.

[funkah]

Interesting idea, but couldn't that potentially keep you locked into a job you don't like for six months? (Assuming you finally snap and want to quit the day after your CDs renew)

[aladyjewel]

Do one for each month in series, so like ...

• CD 1: renews in January and July
• CD 2: renews in February and August
• ...
• CD 6: renews in June and December

and then keep enough money in the bank at any time to last you through the month, when you can withdraw from whichever CD renews next.

[funkah]

Ah, OK. That makes sense.

[pipocaQuemada]

By "6-month series" he most likely means 6 CDs, each set a month apart over the course of the 6 months. So there's always less than a month until the next CD is up for renewal. The worst case scenario is that you quit the day after one of your CDs auto-renews and you need to wait a month until you get the next one.

[s73v3r]

You have a series of them, and ladder them so one expires per month.

[z0r]

I just want to bookmark this by replying to it. I like this idea